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This briefing provides guidance for financial actors, standard setters, and governments to drive the decarbonization of national oil companies (NOCs) to align with the 1.5°C target. It highlights the significant role NOCs play in global hydrocarbon production and the current lack of connection between their credit ratings and low-carbon transition plans.

This report argues that National Oil Companies (NOCs) are critical to the success of the energy transition due to their massive production and reserve shares, and urges investors to leverage their financial exposure to push these companies toward decarbonization.